Our experienced estate planning lawyers help you structure trusts for asset protection, ensuring your estate is managed according to your wishes.
With over 50 years of experience, we specialise in estate law, offering expert advice and guidance on testamentary trusts to protect your assets and ensure your wishes are fulfilled.
We provide clear, competitive pricing for estate law services, including the creation of testamentary trusts, offering cost-effective solutions without compromising on the quality of service.
Our meticulous approach ensures all aspects of your estate plan, including testamentary trusts, are carefully considered, giving you peace of mind that your legacy is secure and managed according to your wishes.
At Tonkin Legal, we understand that planning for the future can be complex. Our expert lawyers specialise in drafting testamentary trusts, which are designed to offer both tax advantages and asset protection for your beneficiaries.
A testamentary trust can be an invaluable tool in your will, allowing you to provide for loved ones while ensuring their inheritance is managed efficiently. Our team will guide you through the process, helping to draft your testamentary trust tailored to your unique circumstances.
Download our free guide to testamentary trusts and discover how they can provide tax benefits, protect your assets, and support your beneficiaries. Our easy-to-understand guide will help you explore the advantages of including a testamentary trust in your will and how it can assist in long-term wealth planning and estate protection.
A testamentary trust is a trust that can be established in your will that comes into effect after your death. It allows you to transfer assets into a trust managed by a trustee for the benefit of your chosen beneficiaries.
Unlike a regular inheritance, the assets in a testamentary trust are protected, offering potential tax advantages and safeguarding them from creditors or family law claims. Testamentary trusts provide flexibility, ensuring your estate is managed according to your wishes, even if circumstances change in the future.
Testamentary trusts can offer significant benefits, including tax advantages and enhanced asset protection. By distributing income through a trust, you may reduce the tax burden on beneficiaries, especially minors, who can receive income at adult tax rates.
Additionally, assets held in a testamentary trust are protected from creditors and potential family law claims. This means your inheritance remains safe and is managed according to your wishes, providing peace of mind for both you and your beneficiaries.
Testamentary trusts provide strong asset protection by ensuring that the assets are held by the trustee and not personally owned by beneficiaries, which can shield them from creditors or claims in family law disputes. Additionally, the trust can help protect assets from being mismanaged or spent prematurely, as the trustee has control over distributions.
Testamentary trusts also support generational wealth by enabling assets to be passed down across multiple generations, with provisions that ensure long-term management and growth. This allows for strategic wealth preservation, ensuring that future generations can benefit from the trust’s assets.
At Tonkin Legal, we specialise in drafting testamentary trusts to help protect your assets and ensure your legacy is preserved for future generations. With over fifty years of experience in estate law, our team offers expert guidance and tailored solutions to meet your unique needs.
Whether you’re looking to set up a testamentary trust, navigate tax benefits or safeguard your family’s wealth, we provide comprehensive support to ensure your estate is managed according to your wishes.
With over 50 years of local expertise, Tonkin Legal is dedicated to providing comprehensive legal services to help you navigate the complexities of wills, estates and testamentary trusts. We offer tailored solutions to ensure your estate is protected, your wishes are honoured, and your family is provided for.
We guide you through the process of drafting a will that accurately reflects your intentions, including establishing testamentary trusts to protect your assets and minimise tax liabilities.
Our team helps set up testamentary trusts within your will to offer tax benefits, safeguard your assets, and ensure long-term protection for your beneficiaries.
From managing your estate to ensuring that assets are distributed as per the will, we provide full support during the probate process, helping you navigate complex legal requirements.
We advise and assist in creating powers of attorney to ensure that your personal, medical, and financial matters are managed by someone you trust, should you be unable to do so yourself.
If you believe a will is unfair or has been made under duress, we provide expert advice and representation to help you challenge the will through the courts.
In cases of disputed estates, our experienced team offers strategic guidance and litigation services to protect your interests and resolve matters efficiently.
Contact us today for a competitive and transparent cost estimate on all your testamentary trust needs. Our prices are in line with local firms, but you gain the added benefit of expert legal guidance from an experienced law firm.
We offer fixed fees for many testamentary trust services, with a clear breakdown of any additional costs, so you’ll always know exactly what you’re paying for. Let us help you secure your legacy with a tailored testamentary trust that protects your assets and ensures your wishes are honoured. Trust us to guide you through the process with confidence and care.
Lawyer
Ash is currently working as a Lawyer in our Wills and Estates & Family Law teams.
Creating a testamentary trust begins with drafting your will to include a trust provision. We work closely with you to ensure the trust reflects your intentions, such as appointing a trustee and defining beneficiaries.
Once the will is executed, the trust only comes into effect upon your passing. The appointed trustee manages the assets, distributing them as outlined in the trust. We ensure the process is seamless and that your estate is protected and administered according to your wishes.
Testamentary trusts offer significant benefits to beneficiaries, such as tax benefits and asset protection. For example, income generated by the trust may be distributed to beneficiaries at lower tax rates, reducing the overall tax burden.
The trustee, who is chosen by the will-maker, has discretion over how assets are distributed after the will maker’s death, ensuring that funds are allocated according to the beneficiary’s needs. Based on the terms of the trust, distributions can be made as lump sums or ongoing payments, offering flexibility and ensuring that assets are used effectively for the benefit of the beneficiaries.
Testamentary trusts are managed by a trustee, who is appointed in your will. The trustee’s role is to oversee the assets held in the trust and ensure they are distributed according to your wishes. Trustees can be trusted family members, friends, or professionals such as lawyers or trust companies.
The trustee must act in the best interest of the beneficiaries, managing the trust’s investments, handling any distributions, and ensuring the terms of the trust are followed as outlined in the will.
Yes, testamentary trusts can protect vulnerable beneficiaries and their inheritance in several ways:
Asset Protection: Since assets are held by the trust, they are shielded from creditors and legal claims.
Controlled Distribution: The trustee manages how the assets are distributed, ensuring vulnerable beneficiaries receive support responsibly.
Family Law Protection: In divorce cases, the inheritance in a testamentary trust is generally protected from being divided.
Testamentary trusts can hold a wide range of assets, including real estate, cash, investments, shares, and personal property like jewellery or artwork. Essentially, any asset that forms part of your estate can be transferred into the trust, providing flexibility in how your estate is managed after your death.
The trustee is responsible for managing these assets, which can be invested, sold, or distributed to beneficiaries according to the terms of the trust. This structure allows for effective long-term management of your assets and ensures they are preserved for future generations.
Testamentary trusts offer potential tax benefits for minor beneficiaries. For income tax, beneficiaries of a testamentary trust may be taxed on income distributed to them, with minors potentially benefiting from lower tax rates. For further information regarding the tax implications of testamentary trusts, we encourage you to seek independent tax advice.
Yes, it is possible to have multiple testamentary trusts in a single will. This can be done if the will-maker wishes to create different trusts for different beneficiaries or types of assets. For example, you might set up one trust for minors, another for adult children, and another for a charitable cause. Each trust can have its own specific terms, trustees, and beneficiaries, providing greater flexibility and control over how assets are managed and distributed actively.
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Contact us today on (03) 9435 9044
8-10 Flintoff Street
Greensborough
VIC 3088
Email: mail@tonkinlaw.com
Fax (03) 9435 2452
PO Box 241, Greensborough VIC 3088DX98803 Greensborough